Super high interest rates on South African Rand in SBI

[crew]

Has anyone availed of this? https://www.netbk.co.jp/contents/lineup ... te_special

40% interest in a time deposit sounds scammy to me but its SBI so it seems to be legit. Even considering currency fluctuation risk, 40% seems too large a profit to lose on currency fluctuation. Any catch?

[mighty58]

My guess (without having access to the fine print) is that upside will be capped (it's 40% annualized but the term is one-month, so probably 3.33% max return) with no corresponding cap on the downside end, so you could be facing a big hit. Especially considering the widespread breakdown in the social order over the last week in SA, it's something you should probably think hard about. Currency fluctuation can easily be +/- 3.33% in a 30 day period, but who knows which way it will swing.